Deutsche analyst says, "While CEDC’s Polish operations seem to have turned the corner, we find the company’s Russian business facing continued headwinds. As a result, CEDC came 50% short of our 3Q EPS forecast, slashed FY2011 EPS guidance by 61% and took USD675m in goodwill and trademarks impairment. In light of net debt/EBITDA of 10x and nearing maturity of USD310m convertibles, we would not exclude the major dilution of current equity investors."

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